It had been clear since March just how far this year’s crypto craze extended beyond bitcoin, when a piece of digital artwork sold for $69.3 million at a Christie’s auction by crypto artist Beeple. In the wake of breathless headlines in traditional media outlets like the New York Times, the potential riches from selling non-fungible tokens, or NFTs, attracted scores of artists, … [Read more...] about Market Wrap Year-End Review: Altcoins and NFTs Rally
Review
Market Wrap Year-End Review: Bitcoin Peaks as Coinbase Goes Public
Hello, Market Wrap readers! During the final two weeks of 2021, we’re using this space to recap the year’s most dramatic moments in cryptocurrency markets – and highlight the key lessons from this fast-evolving corner of global finance. Over a series of eight posts starting on Dec. 20 and running through Dec. 30, we’ll recap what shook crypto markets this year. (For the latest … [Read more...] about Market Wrap Year-End Review: Bitcoin Peaks as Coinbase Goes Public
Market Wrap Year-End Review: Bitcoin Starts Off in a Frenzy
Hello, Market Wrap readers! During the final two weeks of 2021, we’re using this space to recap this year’s most dramatic moments in cryptocurrency markets – and highlight the key lessons from this fast-evolving corner of global finance. Over a series of eight posts starting on Dec. 20 and running through Dec. 30, we’ll recap what shook crypto markets this year. (For the latest … [Read more...] about Market Wrap Year-End Review: Bitcoin Starts Off in a Frenzy
Bank of International Settlement calls the rise of decentralized finance ‘an illusion’ in latest quarterly review
On Monday, the Bank of International Settlement, or BIS, a financial institution owned by central banks worldwide, published a report scrutinizing the development of the decentralized finance, or DeFi, industry. The article opened by saying, "There is a "decentralization illusion" in DeFi since the need for governance makes some level of centralization inevitable, and … [Read more...] about Bank of International Settlement calls the rise of decentralized finance ‘an illusion’ in latest quarterly review
DeFi’s Decentralization Is an Illusion: BIS Quarterly Review
The review warned that stablecoins like DAI, which are backed by crypto assets, are “exposed to market risk, because the value of these assets can quickly drop below the face value of stablecoins.” The crypto arena doesn’t have a fallback like banks that can provide liquidity at times of stress, the report said. Source link … [Read more...] about DeFi’s Decentralization Is an Illusion: BIS Quarterly Review